President Aquino received a “SHOCKING” suggestion

Bouyed by a rock star welcome, President Aquino announced that he received an equally “shocking” suggestion from international bank proposing “globalization” of Philippine peso.

Breaking the news before the gathering of the Filipinos in Manila, President said that he had asked Finance Secretary Purisima to study the said proposal, in which Aquino found it as surprising by his own standards.

“I thought I was a bit difficult to surprise. But I was shocked when this big bank told me that we should ‘globalize’ the peso,” President Aquino said in a speech at Chapelle Sainte Bernadette.

“Never had I thought that anyone would ever make such a suggestion, believing that the Philippines are in such a good shape that he would be willing to invest in our currency because he believes in the stability of our economy.”

“Internationalizing” our local currency will allow non—residents to transact in peso and exports can be invoiced in same currency, reducing the foreign exchange costs. The Philippine government can also issue a peso—denominated debt overseas more competitively.